Equity mortgage release – tide over financial crisis
There are certain situations in life which are completely unforeseen and hence do not leave us time to prepare to battle it. Some situations require you to be strong, hold on and just fight until you tide over it. And in some situations all you need is money to take you over it. In situations where money is the only savior all you can do is depend on all your life time’s worth of saving or take a loan. Taking a loan is alright till you have the security of a monthly income coming in from your job. But if you are retired and your pension amount is extremely low i.e. it is just about enough to sustain you but cannot be used to repay a loan, then you are in big trouble.
Opt for equity mortgage release which is a more practical and feasible solution. Do not get worried with the word mortgage since although it is much similar to mortgage, it is different in the most crucial part. With release equity home, you can get the loan amount equivalent to the valuation of your property but will not need to leave your home or property if you are unable to repay the loan amount, even after the stipulated time frame. Your property or home will only be taken over after your death but not before the remaining amount of your property valuation is paid to your beneficiaries. Unfortunately, this is the biggest and probably the only disadvantage of equity mortgage release plan, you will not be able to leave anything for your beneficiaries except for that much amount, if any.
You can choose the way you want to receive your loan too, with release equity home. You can receive it is monthly installments or as a lump sum amount. It is recommended that you go for installment scheme if you are not in any dire need to money since taking a lump sum amount will reduce the valuation of your property considerably. If you opt for monthly installment plan, the amount you will receive each month under equity mortgage release plan can be calculated using an equity release calculator. It is available on the Internet and is easy to use. You can calculate the amount yourself. Hence choose equity release home and stay tension free always, even in times of extreme financial crisis, if any.
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